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BPC detects hydrocarbon indicators in 2D seismic over oil and gas licenses in Bahamas

Oil and gas

explorer BPC (LON:BPC) has said that the preliminary results of its 2D marine seismic survey over its southern licenses in the Bahamas adjacent to Cuban waters showed various possible “direct hydrocarbon indicators".

The programme was shot in June with an aim to give the company better quality data than what was shot in the 1980s, helping to confirm the geological model for the area, which the company said was highly prospective for hydrocarbons.

The reported hydrocarbon indicators include flat spots, dim zones and possible hydrocarbon leakage features which, if confirmed, could indicate an active hydrocarbon system in the area and significantly "de-risk" future exploration prospects.

BPC will now undertake further seismic acquisition in these southern licences before the end of the year, currently seeking bids for a phased 2D and 3D seismic program.

“I am very pleased to report the impressive 2D seismic results from our southern licence area. The large structures and geological formations are further substantiated by the drill cores we already own from the area and give us indentified potential prospects on which we will be acquiring additional seismic later in the year, as we work toward exploration drilling,” said chairman of BPC Alan Burns.

The company has simultaneously announced that it has applied to the Government

of The Bahamas for up to 3,600 sq km (square kilometres) of additional acreage on trend with these licences, which will be awarded before the end of the year.